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Endorsement by the Boards of Directors and Management

The Boards of Directors and Management have today reviewed and approved the annual report for 2003 for J.Lauritzen A/S.

The annual report is presented in compliance with the Danish Financial Statement Act for class C (large) companies and applicable Danish Accounting Standards. We regard the accounting policy employed as appropriate and that the annual report provides a true and fair view of the assets, liabilities, financial position and result for the year for the Group and the Parent Company.

The annual report is submitted for approval by the Annual General Meeting.

Copenhagen, 10 March 2004.







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